Maintenance company Quadron Property Services Limited has entered administration after having cashflow difficulties and suffering from a lack of working capital.
Quadron has ceased trading, while Daniel Butters and William Dawson, the joint administrators at Deloitte, are currently working to stabilise the business, and will meet with staff and customers to consider the options for Quadron and its future strategy.
The business operated a social housing repairs and maintenance contract for North Somerset council, amongst others in the west of England. It had recently won a £900k per year contract from Stroud District Council to maintain 2,600 homes.
Emergency repairs have been given to other contractors, to ensure tenants are not adversely affected.
The company also provides various services to the retail, conservation and business industries. It had contracts with Pizza Hut, English Heritage and University of the West of England.
Quadron employed about 400 people and operated from its headquarters in Weston-super-Mare.
The move into administration will not affect Quadron Environment Services, which shares the same base. The two businesses were separated last year.
Eighty Quadron employees' jobs have been saved in Bournemouth after Surrey-based Kinetics Group Ltd stepped in to take over the £4m contract with the council. Quadron's contract for Bournemouth council had begun in April.
